AWR Stock Balance Sheets

American States Water Quarterly Balance Sheets Chart

Quarterly

Annual

Goodwill

Cash and Cash Eq

Account Payables

Long-Term Debt

American States Water Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-09-30	2002-06-30	2002-03-31

property, plant and equipment
regulated utility plant, at cost	2,807,586,000	2,744,705,000		2,638,276,000	2,577,968,000	2,525,055,000		2,433,884,000	2,391,596,000	2,357,966,000		2,284,066,000	2,242,589,000	2,205,801,000		2,144,543,000	2,112,249,000	2,080,048,000		2,004,446,000	1,975,085,000	1,946,662,000		1,924,183,000	1,898,157,000	1,867,878,000		1,795,500,000	1,766,543,000	1,740,785,000		1,699,631,000	1,672,559,000	1,647,599,000		1,672,831,000	1,643,084,000	1,607,283,000		1,547,330,000	1,523,161,000	1,506,244,000		1,480,087,000	1,463,130,000	1,449,437,000		1,425,214,000	1,393,711,000	1,367,474,000		1,346,064,000	1,324,583,000	1,312,620,000		1,290,874,000	1,274,724,000	1,249,954,000		1,223,760,000	1,210,699,000	1,250,145,000
non-utility property, at cost	48,083,000	46,314,000		43,389,000	42,606,000	41,236,000		39,239,000	39,180,000	38,898,000		37,838,000	37,813,000	37,268,000		37,717,000	37,662,000	37,053,000		36,187,000	35,309,000	33,877,000		31,328,000	30,201,000	27,207,000		23,759,000	21,113,000	18,740,000		14,826,000	13,936,000	13,587,000		13,207,000	12,606,000	12,127,000		11,078,000	11,067,000	10,903,000		10,900,000	10,895,000	10,254,000
total	2,855,669,000	2,791,019,000	2,398,438,000	2,681,665,000	2,620,574,000	2,566,291,000	2,239,398,000	2,473,123,000	2,430,776,000	2,396,864,000	2,140,283,000	2,321,904,000	2,280,402,000	2,243,069,000	2,015,289,000	2,182,260,000	2,149,911,000	2,117,101,000	1,896,909,000	2,040,633,000	2,010,394,000	1,980,539,000	1,808,867,000	1,955,511,000	1,928,358,000	1,895,085,000	1,755,599,000	1,819,259,000	1,787,656,000	1,759,525,000	1,658,935,000	1,714,457,000	1,686,495,000	1,661,186,000	1,608,428,000	1,686,038,000	1,655,690,000	1,619,410,000	1,516,505,000	1,558,408,000	1,534,228,000	1,517,147,000	1,444,710,000	1,490,987,000	1,474,025,000	1,459,691,000	1,386,869,000	1,434,403,000	1,402,832,000	1,376,803,000	1,305,366,000	1,354,751,000	1,333,049,000	1,320,855,000	1,261,381,000	1,298,263,000	1,281,208,000	1,256,336,000	1,177,019,000	1,229,361,000	1,215,883,000	1,254,821,000
less - accumulated depreciation	-662,088,000	-653,528,000		-641,076,000	-638,938,000	-632,597,000		-622,652,000	-616,715,000	-616,403,000		-603,752,000	-596,915,000	-593,210,000		-587,714,000	-579,278,000	-574,678,000		-561,523,000	-553,996,000	-548,142,000		-577,145,000	-572,695,000	-569,583,000		-556,344,000	-548,867,000	-540,695,000		-532,841,000	-531,292,000	-524,027,000		-557,450,000	-548,553,000	-540,092,000		-526,289,000	-518,721,000	-509,584,000		-495,544,000	-485,357,000	-475,762,000		-465,944,000	-456,092,000																																			-238,803,000				-220,295,000	-217,138,000	-212,371,000	-204,955,000
net property, plant and equipment	2,193,581,000	2,137,491,000		2,040,589,000	1,981,636,000	1,933,694,000		1,850,471,000	1,814,061,000	1,780,461,000		1,718,152,000	1,683,487,000	1,649,859,000		1,594,546,000	1,570,633,000	1,542,423,000		1,479,110,000	1,456,398,000	1,432,397,000		1,378,366,000	1,355,663,000	1,325,502,000		1,262,915,000	1,238,789,000	1,218,830,000		1,181,616,000	1,155,203,000	1,137,159,000		1,128,588,000	1,107,137,000	1,079,318,000		1,032,119,000	1,015,507,000	1,007,563,000		995,443,000	988,668,000	983,929,000		968,459,000	946,740,000	929,538,000		912,027,000	900,009,000	897,835,000		891,134,000	882,993,000	867,989,000		852,051,000	846,208,000	873,254,000
other property and investments	52,512,000	49,720,000	50,418,000	48,103,000	45,923,000	44,896,000	42,932,000	37,767,000	39,889,000	38,408,000	36,907,000	34,113,000	35,527,000	39,018,000	40,806,000	37,287,000	37,414,000	35,811,000	35,318,000	31,326,000	30,239,000	27,744,000	30,293,000	27,579,000	27,312,000	26,632,000	25,356,000	26,386,000	24,073,000	23,744,000	24,070,000	23,346,000	21,413,000	21,161,000	20,836,000	20,656,000	18,936,000	18,687,000	18,710,000	18,301,000	18,728,000	17,505,000	17,536,000	17,509,000	16,118,000	15,828,000	15,806,000	15,343,000	14,005,000	13,835,000	13,755,000	13,636,000	13,471,000	11,968,000	11,803,000	11,894,000	10,868,000	11,001,000	10,981,000	10,920,000	10,545,000	11,723,000	11,720,000	11,526,000	11,484,000	10,600,000	10,689,000	10,720,000	10,813,000	10,878,000	10,245,000		10,003,000	9,986,000	9,977,000	9,697,000	9,695,000	9,738,000	9,740,000	9,765,000	9,814,000	9,737,000	9,792,000	9,845,000	9,895,000	22,071,000	22,120,000	22,035,000	22,556,000	22,610,000	24,000,000	24,063,000	24,284,000
current assets
cash and cash equivalents	20,247,000	21,229,000	26,661,000	16,469,000	3,583,000	17,007,000	14,073,000	8,604,000	1,026,000	2,126,000	5,997,000	2,258,000	10,825,000	10,126,000	4,963,000	7,141,000	5,359,000	6,951,000	36,737,000	8,127,000	6,496,000	429,000	1,334,000	10,398,000	1,516,000	1,844,000	7,141,000	1,976,000	5,557,000	5,984,000	214,000	6,661,000	2,124,000	621,000	436,000	2,789,000	4,518,000	8,457,000	4,364,000	27,254,000	43,862,000	74,675,000	75,988,000	57,862,000	77,849,000	74,936,000	38,226,000	26,162,000	8,525,000	32,794,000	23,486,000	43,066,000	25,915,000	6,558,000	1,315,000	5,215,000	11,262,000	2,371,000	4,197,000	7,692,000	6,603,000	5,080,000	1,685,000	7,357,000	9,754,000	24,893,000	7,283,000	1,241,000	371,000	765,000	1,698,000		5,274,000	9,052,000	3,223,000	6,591,000	9,434,000	14,400,000	13,032,000	5,691,000	5,104,000	5,825,000	4,303,000	6,602,000	6,949,000	9,011,000	12,775,000	11,368,000	5,657,000	16,415,000	11,673,000	11,469,000	12,452,000
accounts receivable — customers	42,179,000	34,013,000		44,422,000	39,076,000	28,897,000		32,600,000	27,000,000	21,293,000		31,829,000	27,119,000	23,353,000		33,251,000	28,516,000	22,016,000		33,729,000	30,355,000	24,599,000		28,088,000	24,245,000	17,485,000		29,915,000	26,631,000	19,224,000		29,392,000	25,338,000	15,523,000		22,910,000	20,414,000	16,183,000		22,112,000	19,247,000	16,773,000		26,348,000	25,181,000	19,902,000		30,303,000	27,401,000	17,315,000		28,792,000	22,212,000	18,869,000		25,048,000	23,347,000	16,779,000		20,517,000	15,844,000	12,824,000		18,811,000	15,906,000
unbilled receivable	27,798,000	35,645,000	28,446,000	26,871,000	24,481,000	24,733,000	23,516,000	24,248,000	21,230,000	22,444,000		25,165,000	24,811,000	25,500,000		25,517,000	29,569,000	23,315,000		25,086,000	21,975,000	19,548,000		21,195,000	18,064,000	15,631,000		25,215,000	24,681,000	27,959,000		25,833,000	24,350,000	19,916,000		20,629,000	17,957,000	18,233,000		21,909,000	17,949,000	16,925,000	3,513,000	32,629,000
receivable from the u.s. government	40,480,000	35,944,000		44,329,000	50,138,000	43,153,000		51,564,000	47,301,000	41,091,000		25,493,000	23,110,000	21,834,000		29,103,000	25,698,000	23,606,000		27,144,000	21,903,000	20,879,000		20,925,000	20,949,000	20,862,000	39,583,000	21,095,000	25,977,000	20,357,000		7,112,000	10,900,000	9,021,000		9,484,000	7,836,000	4,076,000		4,934,000	7,288,000	7,944,000		3,542,000	3,615,000	7,717,000		19,869,000	7,369,000	5,377,000		4,287,000	10,091,000	12,908,000		10,421,000	14,407,000	8,423,000		6,640,000	4,310,000	9,898,000		10,281,000	6,470,000	5,971,000		7,964,000	5,015,000	7,296,000			4,883,000	10,252,000
other receivables	18,700,000
income taxes receivable		30,000	65,000	2,133,000			52,000	59,000	74,000	35,000	3,901,000	91,000	94,000	45,000	236,000	124,000	1,147,000	68,000	103,000	163,000	155,000	2,435,000	5,685,000	238,000	1,545,000	45,000	2,164,000	730,000	178,000	2,074,000	4,737,000	74,000	355,000	15,118,000	17,867,000	30,000	1,973,000	7,571,000	10,793,000	174,000	2,820,000	14,565,000	20,993,000	136,000	521,000	3,718,000	9,214,000	2,847,000	2,001,000	1,675,000	16,547,000	637,000	7,657,000	14,256,000	20,537,000	8,964,000	8,756,000	8,967,000	12,342,000		2,687,000	56,000	4,190,000	1,798,000	115,000	77,000	1,526,000	2,528,000	1,538,000	1,042,000	60,000		247,000	475,000	1,100,000	30,000	23,000	110,000	822,000			4,239,000	5,833,000
materials and supplies	15,892,000	15,516,000	15,140,000	16,421,000	16,969,000	16,225,000	17,574,000	16,218,000	16,822,000		14,623,000				12,163,000				8,619,000				6,429,000				5,775,000				4,795,000				4,294,000				5,415,000				3,588,000				4,558,000				5,348,000				3,070,000				2,161,000				1,900,000				2,109,000				1,576,000				1,565,000				1,421,000				1,496,000
regulatory assets — current	53,541,000	54,242,000	50,504,000	42,005,000	43,756,000	44,652,000	45,144,000	32,355,000	25,360,000	11,032,000	14,028,000	13,048,000	10,325,000	9,054,000	8,897,000	13,026,000	14,394,000	10,628,000	13,088,000	16,766,000	19,917,000	20,974,000	20,930,000	14,819,000	13,671,000	20,486,000	16,527,000	22,130,000	25,209,000	30,844,000	34,220,000	27,385,000	40,849,000	50,915,000	43,296,000	32,062,000	32,378,000	33,555,000	30,134,000	10,557,000	11,187,000	12,918,000	12,379,000	6,228,000	13,607,000	22,905,000	27,676,000	34,635,000	35,364,000	34,376,000	32,336,000	25,525,000	31,814,000	36,213,000	36,362,000	31,104,000	33,944,000	35,438,000	34,152,000	20,757,000	20,456,000	16,479,000	12,286,000	8,693,000	15,062,000		16,071,000				5,187,000				3,905,000						5,428,000	6,251,000			4,582,000	5,262,000
prepayments and other current assets	10,657,000	13,729,000	7,286,000	6,945,000	9,042,000	11,777,000	5,767,000	6,525,000	9,174,000	11,690,000	5,450,000	7,292,000	8,458,000	11,223,000	5,317,000	7,049,000	8,365,000	10,028,000	5,555,000	6,541,000	8,003,000	9,417,000	5,413,000	6,443,000	7,005,000	8,351,000	6,063,000	6,915,000	6,769,000	8,783,000	5,596,000	5,248,000	4,951,000	5,237,000	3,735,000	4,466,000	4,619,000	5,453,000	3,229,000	3,931,000	4,134,000	5,853,000	2,745,000	4,261,000	4,542,000	4,876,000	2,481,000	3,679,000	4,189,000	4,251,000	4,391,000	5,380,000	5,822,000	5,439,000	3,959,000	4,896,000	5,127,000	5,174,000	6,157,000	2,211,000	1,775,000	2,492,000	3,355,000	1,986,000	2,236,000	2,343,000	2,950,000	1,943,000	2,042,000	2,232,000	2,765,000		2,628,000	3,002,000	2,787,000	1,395,000	2,166,000	2,394,000	2,998,000	7,047,000	3,364,000	3,486,000
contract assets	22,818,000	24,120,000	20,130,000	19,661,000	18,145,000	14,155,000	9,956,000	11,232,000	11,630,000	3,637,000	9,390,000	9,232,000	8,991,000	7,715,000	6,135,000	5,438,000	6,720,000	9,751,000	8,873,000	9,719,000	17,097,000	18,749,000	15,567,000	21,645,000	25,776,000	24,179,000	22,169,000	18,889,000	16,153,000	22,001,000
total current assets	252,312,000	238,236,000	233,346,000	222,360,000	209,523,000	205,091,000	205,978,000	191,685,000	168,910,000	139,690,000	151,294,000	138,790,000	138,970,000	130,856,000	138,052,000	143,659,000	136,312,000	118,912,000	157,115,000	139,407,000	137,026,000	127,405,000	122,456,000	132,469,000	122,025,000	116,776,000	131,468,000	134,898,000	141,167,000	145,676,000	155,463,000	146,663,000	149,536,000	192,079,000	166,875,000	136,856,000	132,816,000	131,125,000	132,697,000	135,463,000	150,228,000	189,397,000	209,451,000	186,555,000	197,850,000	213,242,000	191,617,000	202,565,000	181,120,000	173,872,000	184,033,000	187,090,000	175,854,000	171,872,000	165,601,000	160,146,000	172,173,000	204,179,000	204,984,000	196,717,000	172,051,000	107,377,000	96,015,000	99,664,000	97,416,000	107,261,000	90,614,000	76,392,000	69,984,000	59,840,000	63,015,000		70,210,000	71,712,000	64,436,000	66,221,000	68,728,000	67,781,000	68,866,000	56,455,000	49,743,000		53,024,000	47,509,000	44,070,000		58,359,000
other assets
unbilled revenue — receivable from the u.s. government	2,178,000	2,801,000		4,207,000	5,304,000	5,933,000		5,854,000	6,822,000	7,790,000		7,260,000	8,064,000
operating lease right-of-use assets	7,202,000	7,463,000	8,028,000	8,585,000	7,852,000	7,452,000	7,982,000	8,512,000	8,475,000	8,990,000	9,535,000	9,172,000	9,617,000	10,008,000	10,479,000	11,072,000	10,633,000	10,718,000	11,146,000	11,516,000	11,967,000	12,556,000	13,168,000	13,017,000	11,058,000	6,276,000
regulatory assets	28,020,000	32,517,000	27,101,000	36,952,000	37,046,000	34,040,000	25,585,000	47,557,000	32,574,000	10,474,000	5,694,000	5,291,000	2,263,000	3,289,000	3,182,000	10,662,000	9,799,000	7,635,000	3,451,000													103,521,000	104,645,000	101,068,000	102,985,000	122,030,000	117,682,000	110,643,000	102,562,000	144,800,000	131,869,000	123,265,000	118,829,000	100,815,000	99,698,000	96,745,000	95,005,000	138,863,000	149,529,000	150,853,000	143,679,000	151,195,000	143,867,000	144,470,000	143,595,000	109,272,000	106,687,000	99,628,000	101,801,000	110,994,000	106,169,000	112,407,000	110,420,000	118,893,000	113,717,000	110,313,000	104,521,000	77,385,000	80,418,000	82,518,000	82,539,000		88,819,000	84,735,000	84,686,000	61,288,000	60,036,000	57,789,000	55,866,000	50,587,000	53,621,000	53,802,000	54,404,000	57,204,000	56,592,000	58,239,000	57,704,000
other	41,859,000	41,441,000	41,264,000	18,827,000	18,810,000	18,925,000	18,758,000	15,011,000	14,831,000	13,400,000	13,532,000	15,341,000	15,366,000	15,453,000	16,230,000	10,697,000	10,702,000	10,553,000	10,597,000	10,191,000	7,705,000	7,699,000	7,702,000	5,426,000	5,418,000	5,365,000	5,322,000	5,700,000	5,693,000	5,708,000	5,667,000	8,504,000	7,416,000	4,934,000	5,068,000	6,773,000	6,738,000	6,749,000	11,391,000	9,509,000	9,599,000	12,059,000	12,105,000	12,033,000	13,322,000	13,605,000	14,227,000	15,372,000	15,487,000	15,412,000	15,587,000	15,813,000	12,456,000	12,500,000	12,474,000	8,395,000	8,585,000	7,972,000	8,101,000	7,017,000	10,326,000	10,318,000	10,320,000	10,157,000	10,273,000	10,365,000	10,273,000	10,503,000	10,385,000	8,359,000	8,331,000		8,525,000	8,767,000	6,290,000	8,173,000	8,322,000	8,074,000	8,419,000	8,745,000	8,708,000	8,569,000	8,567,000	8,260,000	8,731,000	8,904,000	8,994,000	28,336,000	25,952,000	26,075,000	1,386,000	1,367,000	1,347,000
total other assets	112,129,000	120,006,000	116,820,000	108,456,000	110,122,000	108,099,000	103,816,000	124,190,000	115,659,000	100,697,000	91,291,000	90,404,000	90,546,000	93,083,000	95,005,000	98,192,000	96,883,000	94,559,000	86,011,000	75,459,000	73,189,000	72,227,000	71,761,000	64,851,000			47,183,000
total assets	2,610,534,000	2,545,453,000	2,500,209,000	2,420,624,000	2,348,320,000	2,292,896,000	2,246,122,000	2,205,229,000	2,139,635,000	2,060,372,000	2,034,374,000	1,982,575,000	1,949,646,000	1,913,932,000	1,900,983,000	1,874,800,000	1,842,358,000	1,792,821,000	1,791,603,000	1,726,418,000	1,697,968,000	1,660,889,000	1,641,331,000	1,604,381,000	1,567,283,000	1,526,097,000	1,501,433,000	1,465,042,000	1,441,122,000	1,423,664,000	1,416,734,000	1,486,486,000	1,462,653,000	1,480,268,000	1,470,493,000	1,440,386,000	1,406,299,000	1,368,891,000	1,348,600,000	1,362,164,000	1,343,355,000	1,367,420,000	1,378,298,000	1,326,115,000	1,327,092,000	1,333,771,000	1,310,183,000	1,351,053,000	1,312,986,000	1,289,514,000	1,280,943,000	1,289,638,000	1,252,760,000	1,246,629,000	1,238,362,000	1,195,848,000	1,197,879,000	1,204,548,000	1,192,035,000	1,191,429,000	1,159,630,000	1,132,854,000	1,113,293,000	1,116,703,000	1,101,079,000	1,095,272,000	1,061,287,000	1,020,183,000	1,002,541,000	975,385,000	963,898,000		955,841,000	949,779,000	936,955,000	908,708,000	899,057,000	887,970,000	876,777,000	844,357,000	829,800,000	816,252,000	810,277,000	786,881,000	761,426,000	746,965,000	757,475,000				697,758,000
capitalization
common shares, no par value																																		247,089,000		246,064,000	245,360,000	244,568,000		244,327,000	247,034,000	251,343,000		253,957,000	254,610,000	254,217,000		252,351,000	251,627,000	249,874,000		247,030,000	236,973,000	234,846,000		231,129,000	229,228,000	228,024,000
authorized: 60,000,000 shares
outstanding: 38,509,038 shares in 2025 and 38,151,027 shares in 2024	382,900,000
retained earnings	589,619,000	573,927,000		554,188,000	535,901,000	520,116,000				469,056,000
total common shareholders’ equity	972,519,000	956,407,000		879,466,000	833,477,000	800,493,000		771,337,000	755,066,000	730,848,000		705,504,000	694,225,000	687,425,000		678,935,000	664,134,000	649,393,000		633,820,000	619,288,000	604,583,000		595,947,000	578,787,000	561,500,000		554,161,000	539,210,000	531,524,000		525,812,000	513,025,000	497,944,000		490,799,000	476,696,000	467,401,000		470,023,000	477,578,000	497,365,000		510,312,000	495,181,000	495,799,000		486,887,000	465,385,000	461,721,000		448,852,000	426,914,000	415,019,000		405,052,000	392,809,000	380,897,000		372,106,000	369,534,000	363,966,000		359,747,000	353,979,000	311,857,000		311,001,000	309,181,000	303,509,000			292,438,000	287,319,000		278,085,000	274,415,000	267,071,000		262,813,000	254,071,000	251,784,000		254,303,000	215,593,000	210,880,000
long-term debt	789,484,000	690,208,000	640,382,000	640,247,000	640,028,000	575,530,000	575,555,000	575,459,000	576,376,000	576,431,000	446,547,000	446,817,000	446,940,000	412,150,000	412,176,000	412,093,000	412,345,000	440,326,000	440,348,000	440,343,000	280,886,000	280,971,000	280,996,000	281,001,000	281,014,000	281,070,000	281,087,000	281,010,000	281,031,000	281,053,000	321,039,000	320,949,000	320,969,000	320,985,000	320,981,000	320,897,000	320,910,000	320,910,000	325,541,000	325,550,000	325,613,000	325,722,000	325,798,000	310,807,000	310,912,000	326,010,000	326,079,000	332,088,000	332,359,000	332,446,000	332,463,000	344,248,000	341,541,000	340,374,000	340,395,000	340,404,000	340,395,000	299,763,000	299,839,000	299,902,000	299,935,000	305,794,000	305,866,000	306,298,000	306,346,000	306,469,000	266,536,000	266,945,000	267,114,000	267,174,000	267,226,000		267,628,000	267,776,000	267,833,000	268,181,000	268,209,000	268,266,000	268,405,000	228,685,000	228,892,000	228,902,000	228,902,000	229,258,000	229,468,000	229,590,000	229,799,000	230,121,000	230,776,000	230,887,000	245,190,000	245,372,000	245,505,000
total capitalization	1,762,003,000	1,646,615,000	1,560,433,000	1,519,713,000	1,473,505,000	1,376,023,000	1,351,664,000	1,346,796,000	1,331,442,000	1,307,279,000	1,156,096,000	1,152,321,000	1,141,165,000	1,099,575,000	1,098,123,000	1,091,028,000	1,076,479,000	1,089,719,000	1,082,021,000	1,074,163,000	900,174,000	885,554,000	882,526,000	876,948,000	859,801,000	842,570,000	839,310,000	835,171,000	820,241,000	812,577,000	850,984,000	846,761,000	833,994,000	818,929,000	815,278,000	811,696,000	797,606,000	788,311,000	791,486,000	795,573,000	803,191,000	823,087,000	832,599,000	821,119,000	806,093,000	821,809,000	818,483,000	818,975,000	797,744,000	794,167,000	787,042,000	793,100,000	768,455,000	755,393,000	749,061,000	745,456,000	733,204,000	680,660,000	677,380,000	672,008,000	669,469,000	669,760,000	665,296,000	666,045,000	660,325,000	618,326,000	577,039,000	577,946,000	576,295,000	570,683,000	569,355,000		560,066,000	555,095,000	551,567,000	546,266,000	542,624,000	535,337,000	532,499,000	491,498,000	482,963,000	480,686,000	480,367,000	483,561,000	445,061,000	440,470,000	442,286,000
current liabilities
notes payable to banks		143,000,000	124,000,000	177,000,000	167,000,000	43,000,000	42,000,000	37,000,000		175,500,000	255,500,000				31,000,000						49,000,000	32,000,000	5,000,000								59,000,000			96,000,000	90,000,000			43,000,000	28,000,000	15,000,000															2,000,000	4,500,000	12,000,000	60,900,000	60,900,000	57,200,000	40,200,000	21,000,000	17,400,000	20,550,000	10,850,000	54,370,000	74,700,000	65,500,000	56,750,000	47,600,000	37,200,000		28,500,000	36,000,000	32,000,000	25,000,000	28,000,000	31,000,000	27,000,000	55,000,000	49,000,000	47,000,000	45,000,000	28,000,000	54,000,000	47,000,000	56,000,000	33,000,000	33,000,000	30,000,000	14,000,000	13,000,000
long-term debt — current	398,000	390,000	385,000	385,000	365,000	358,000	353,000	353,000	414,000	404,000	399,000	399,000	394,000	382,000	377,000	377,000	376,000	364,000	358,000	358,000	359,000	349,000	344,000	344,000	339,000	326,000	40,320,000	40,320,000	40,313,000	40,321,000	324,000	333,000	336,000	336,000	330,000	330,000	318,000	318,000	312,000	312,000	308,000	299,000	292,000	6,292,000	21,291,000	6,291,000	6,298,000	3,398,000	3,383,000	3,383,000	3,328,000	178,000	177,000	247,000	291,000	358,000	392,000	382,000	376,000	372,000	368,000	699,000	695,000	648,000	644,000		636,000				609,000				603,000						658,000	658,000			820,000	820,000
accounts payable	76,071,000	67,771,000	88,591,000	76,700,000	71,979,000	69,584,000	68,705,000	71,829,000	70,678,000	65,705,000	84,849,000	69,982,000	71,929,000	67,490,000	65,902,000	67,952,000	65,951,000	57,360,000	63,788,000	53,644,000	51,771,000	43,516,000	55,616,000	59,771,000	55,645,000	53,205,000	59,532,000	50,448,000	43,391,000	38,794,000	50,978,000	53,804,000	45,214,000	37,260,000	43,724,000	48,229,000	53,975,000	47,856,000	50,585,000	46,517,000	42,336,000	36,952,000	41,855,000	49,740,000	45,417,000	42,593,000	49,787,000	62,898,000	55,216,000	46,605,000	40,569,000	52,081,000	39,089,000	38,097,000	37,873,000	43,656,000	57,972,000	42,908,000	36,155,000	43,388,000	41,233,000	33,967,000	33,903,000	37,361,000	39,622,000	35,974,000	36,582,000	37,618,000	34,902,000	27,785,000	29,091,000		25,020,000	23,003,000	23,984,000	23,284,000	20,875,000	19,996,000	19,653,000	18,471,000	18,782,000	14,460,000	18,206,000	18,965,000	15,527,000	13,382,000	18,774,000	11,514,000	8,598,000	8,385,000	18,139,000	16,837,000	14,514,000
income taxes payable	13,975,000	6,756,000	481,000	161,000	4,249,000	5,105,000	492,000	28,627,000	19,453,000	10,855,000	1,848,000	5,464,000	3,350,000	2,879,000	4,662,000	3,569,000	390,000	6,474,000	6,783,000	3,053,000	5,401,000	171,000	95,000	2,019,000	3,104,000	3,813,000	360,000	1,049,000	486,000	238,000	225,000	6,013,000	11,726,000	253,000	149,000	5,958,000	51,000	454,000	68,000	2,858,000	120,000	799,000	638,000	5,642,000	2,808,000	655,000	507,000	795,000	437,000	750,000	511,000	1,726,000	1,129,000	1,654,000	332,000	487,000	521,000	4,189,000	2,277,000	333,000	234,000	2,640,000	72,000	21,000	598,000	1,067,000	974,000			212,000	398,000		2,208,000	115,000	103,000	4,392,000	2,294,000	1,962,000	1,534,000	2,908,000	3,356,000
accrued other taxes	14,294,000	13,656,000	16,694,000	15,533,000	13,068,000	12,581,000	14,654,000	17,369,000	14,542,000	14,257,000	16,257,000	15,760,000	13,847,000	14,983,000	17,137,000	12,174,000	9,977,000	9,888,000	11,902,000	11,560,000	8,969,000	8,367,000	11,110,000	10,846,000	8,140,000	7,119,000	10,094,000	10,311,000	7,904,000	5,939,000	7,344,000	9,195,000	7,275,000	6,576,000	9,112,000	9,527,000	6,357,000	5,882,000	8,142,000	8,329,000	6,235,000	4,675,000	8,602,000	8,711,000	7,978,000	7,102,000	9,802,000	8,255,000	6,599,000	4,125,000	8,167,000
accrued employee expenses	13,248,000	18,640,000	15,523,000	15,723,000	13,085,000	18,428,000	14,738,000	14,817,000	12,741,000	17,390,000	13,996,000	15,529,000	13,160,000	18,293,000	16,256,000	15,680,000	16,495,000	18,138,000	15,122,000	13,827,000	13,522,000	14,681,000	14,255,000	12,173,000	12,363,000	14,043,000	13,842,000	11,633,000	11,897,000	13,647,000	12,969,000	11,211,000	11,423,000	13,064,000	12,304,000	10,666,000	11,129,000	11,966,000	11,748,000	11,684,000	10,056,000	12,480,000	10,519,000	11,204,000	9,969,000	12,655,000	10,801,000	10,611,000	9,202,000	10,952,000	9,919,000	9,710,000	9,248,000	10,607,000	8,659,000	9,116,000	8,878,000	9,705,000	8,084,000	8,019,000	8,663,000	9,031,000	7,326,000	7,014,000	7,346,000	6,545,000	5,625,000	6,131,000	7,321,000	6,033,000	6,228,000		5,564,000	5,191,000	5,320,000	4,428,000	5,120,000	4,721,000	5,879,000	4,240,000	4,744,000	4,136,000	4,260,000	4,320,000	4,811,000	4,791,000	3,925,000	6,059,000	5,032,000	5,091,000
accrued interest	9,456,000	9,798,000	8,133,000	9,622,000	8,354,000	9,003,000	8,607,000	8,952,000	7,801,000	8,411,000	5,308,000	7,234,000	4,944,000	6,320,000	4,545,000	6,242,000	4,496,000	7,277,000	4,832,000	7,245,000	2,935,000	6,423,000	3,050,000	6,488,000	3,109,000	6,492,000	3,865,000	6,560,000	3,834,000	6,617,000	3,861,000	6,576,000	3,831,000	6,626,000	3,864,000	6,595,000	3,852,000	6,623,000	3,626,000	6,282,000	3,546,000	6,292,000	3,549,000	6,143,000	3,894,000	6,248,000	3,897,000	6,251,000	3,916,000	6,240,000	3,909,000	6,423,000	3,921,000	6,430,000	3,938,000	6,440,000	3,902,000	5,244,000	3,256,000	5,251,000	3,467,000	5,356,000	3,290,000	5,357,000	3,224,000	5,331,000	2,463,000	5,230,000	2,466,000	5,243,000	2,467,000		2,469,000	5,270,000	2,583,000	5,245,000	2,547,000	5,264,000	2,254,000	5,139,000	1,877,000	5,025,000	1,670,000	5,023,000	1,874,000	5,006,000	1,681,000	5,119,000	1,957,000	5,110,000	5,023,000	1,924,000	5,101,000
contract liabilities	9,795,000	7,747,000	5,662,000	3,649,000	1,239,000	653,000	1,352,000	596,000	585,000	560,000	903,000	1,253,000	322,000	210,000	257,000	555,000	688,000	1,049,000	1,800,000	8,670,000	10,569,000	10,675,000	11,167,000	12,689,000	11,564,000	10,426,000	7,530,000	8,942,000	7,043,000	6,583,000
operating lease liabilities	2,110,000	2,032,000	2,074,000	2,105,000	1,894,000	1,788,000	1,856,000	1,909,000	1,880,000	1,906,000	1,892,000	1,892,000	1,968,000	1,991,000	2,044,000	2,079,000	2,049,000	2,010,000	2,013,000	1,812,000	1,794,000	1,815,000	1,849,000	1,841,000	1,808,000	2,027,000
purchase power contract derivative at fair value	11,244,000	13,094,000	8,823,000	8,320,000	5,593,000	6,168,000		1,525,000	4,657,000	6,669,000	11,847,000
total current liabilities	162,075,000	294,296,000	285,525,000	321,432,000	299,118,000	178,577,000	166,623,000	195,007,000	140,930,000	307,690,000	396,522,000	373,179,000	348,736,000	160,154,000	155,574,000	151,120,000	111,351,000	113,010,000	118,572,000	113,456,000	158,687,000	132,520,000	115,998,000	119,847,000	106,346,000	107,630,000	146,585,000	143,186,000	129,840,000	196,491,000	156,662,000	151,869,000	140,454,000	178,673,000	177,944,000	179,848,000	160,210,000	139,051,000	123,507,000	123,976,000	95,167,000	96,734,000	99,290,000	120,593,000	127,501,000	119,076,000	100,906,000	115,673,000	102,448,000	89,844,000	93,697,000	109,245,000	99,615,000	107,372,000	104,370,000	116,400,000	124,630,000	195,990,000	178,842,000	189,391,000	154,808,000	106,093,000	99,706,000	99,000,000	88,863,000	131,275,000	137,397,000	134,971,000	119,291,000	103,076,000	94,251,000		83,855,000	88,388,000	85,903,000	84,690,000	76,667,000	80,372,000	77,585,000	103,927,000	92,377,000	85,149,000	86,336,000	74,617,000	92,752,000	82,414,000	95,898,000
other credits
advances for construction	74,537,000	69,926,000	69,856,000	69,983,000	68,660,000	69,468,000	67,431,000	63,961,000	63,520,000	64,097,000	64,351,000	65,210,000	65,403,000	66,469,000	66,727,000	66,505,000	64,180,000	65,622,000	63,374,000	63,276,000	62,699,000	63,925,000	63,989,000	63,788,000	63,582,000	66,185,000	66,305,000	67,467,000	66,761,000	67,364,000	67,465,000	67,438,000	67,209,000	68,634,000	69,722,000	69,809,000	70,383,000	68,802,000	68,041,000	67,104,000	66,700,000	68,298,000	68,328,000	68,327,000	68,394,000	69,272,000	69,332,000	68,933,000	68,831,000	70,580,000	70,781,000	73,451,000	73,797,000	75,563,000	75,353,000	75,574,000	75,900,000	78,010,000	78,325,000	78,502,000	78,646,000	84,544,000	84,653,000	84,619,000	85,611,000	87,399,000	86,816,000	85,082,000	85,737,000	83,952,000	84,479,000		83,169,000	84,266,000	83,203,000	86,961,000	86,642,000	87,150,000	87,375,000	83,522,000	83,300,000	84,036,000	81,351,000	79,956,000	78,386,000	79,313,000	77,154,000	74,586,000	69,909,000	70,923,000	69,770,000	68,464,000	70,161,000
contributions in aid of construction – net	168,560,000	161,497,000		154,924,000	154,201,000																																																															100,865,000	99,664,000							86,708,000			83,976,000				73,100,000				64,297,000
deferred income taxes	188,786,000	183,787,000	180,173,000	175,966,000	167,699,000	166,027,000	161,577,000	156,438,000	153,386,000	148,138,000	149,677,000	142,726,000	142,340,000	142,661,000	140,290,000	136,531,000	134,644,000	131,894,000	131,172,000	129,137,000	127,953,000	126,456,000	125,304,000	118,889,000	114,418,000	112,850,000	114,216,000	114,925,000	115,374,000	116,816,000	115,703,000	234,719,000	231,031,000	231,348,000	224,530,000	205,663,000	200,113,000	195,511,000	192,852,000	191,825,000	190,121,000	191,358,000		157,355,000	159,149,000	159,846,000	8,000	13,000	11,000	11,000	11,000	11,000	11,000	11,000	15,000	11,000	486,000	490,000	495,000	94,000	152,000	238,000	313,000	313,000	307,000	291,000	254,000	209,000	112,000	67,000	28,000		2,000	11,000	16,000	34,000	38,000	36,000	69,669,000	65,046,000	60,993,000	59,829,000	59,839,000	54,332,000	53,882,000	54,007,000	53,243,000
regulatory liabilities	43,560,000	27,167,000	22,926,000	3,896,000	750,000	1,123,000		2,245,000	1,624,000	2,097,000	4,574,000	4,821,000	3,444,000	3,642,000	1,896,000	3,821,000				20,064,000	13,881,000	19,107,000	23,380,000	20,083,000	26,955,000	44,212,000	44,867,000	43,766,000	36,008,000	35,572,000	32,178,000																															1,177,000	1,173,000	1,182,000	423,000	424,000	425,000	458,000	531,000	529,000	557,000		572,000	605,000	588,000	571,000	760,000	760,000	1,823,000	2,180,000	10,545,000	11,084,000	9,731,000	11,540,000	11,394,000	9,911,000	9,642,000
unamortized investment tax credits	907,000	925,000	942,000	959,000	976,000	993,000	1,011,000	1,028,000	1,046,000	1,064,000	1,082,000	1,099,000	1,117,000	1,135,000	1,153,000	1,170,000	1,188,000	1,206,000	1,224,000	1,242,000	1,259,000	1,274,000	1,295,000	1,313,000	1,331,000	1,349,000	1,367,000	1,384,000	1,402,000	1,419,000	1,436,000	1,453,000	1,471,000	1,511,000	1,529,000	1,550,000	1,570,000	1,591,000	1,612,000	1,632,000	1,654,000	1,677,000	1,699,000	1,722,000	1,745,000	1,768,000	1,790,000	1,813,000	1,836,000	1,859,000	1,881,000	1,904,000	1,929,000	1,950,000	1,972,000	1,995,000	2,018,000	2,041,000	2,063,000	2,086,000	2,109,000	2,132,000	2,154,000	2,177,000	2,200,000	2,223,000	2,245,000	2,268,000	2,291,000	2,314,000	2,336,000		2,382,000	2,405,000	2,427,000	2,450,000	2,473,000	2,496,000	2,518,000	2,541,000	2,564,000	2,587,000	2,609,000	2,632,000	2,655,000	2,678,000	2,700,000	2,723,000	2,746,000	2,769,000	2,814,000	2,837,000	2,860,000
accrued pension and other postretirement benefits	34,916,000	34,432,000		32,289,000	34,360,000	33,504,000		34,111,000	35,961,000	34,796,000		58,835,000	61,764,000	61,594,000		93,671,000	96,766,000	96,201,000		66,924,000	69,953,000	69,213,000		57,042,000	59,889,000	58,887,000		54,239,000	59,402,000	58,626,000		46,868,000	52,247,000	50,836,000		44,614,000	48,858,000	47,653,000		59,190,000	63,658,000	63,339,000		34,873,000	41,664,000	40,317,000		70,945,000	73,493,000	73,718,000		68,550,000	70,811,000	70,518,000		41,169,000	44,809,000	43,988,000		36,759,000	42,901,000	41,930,000		49,220,000	54,890,000	54,122,000	52,235,000	20,774,000	23,480,000	22,170,000	20,851,000		31,595,000	32,846,000	31,042,000	14,955,000	17,313,000	15,468,000	13,562,000	9,994,000	12,518,000	10,609,000	8,793,000	3,881,000	2,493,000	5,849,000	4,584,000
total other credits	686,456,000	604,542,000	654,251,000	579,479,000	575,697,000	738,296,000	727,835,000	663,426,000	667,263,000	445,403,000	481,756,000	457,075,000	459,745,000	654,203,000	647,286,000	632,652,000	654,528,000	590,092,000	591,010,000	538,799,000	639,107,000	642,815,000	642,807,000	607,586,000	601,136,000	575,897,000	515,538,000	486,685,000	491,041,000	414,596,000	409,088,000	487,856,000	488,205,000	482,666,000	477,271,000	448,842,000	448,483,000	441,529,000	433,607,000	442,615,000	444,997,000	447,599,000	446,409,000	384,403,000	393,498,000	392,886,000	390,794,000	416,405,000	412,794,000	405,503,000	400,204,000	387,293,000	384,690,000	383,864,000	384,931,000	333,992,000	340,045,000	327,898,000	335,813,000	330,030,000	335,353,000	357,001,000	348,291,000	351,658,000	351,891,000	345,671,000	346,851,000	307,266,000	306,955,000	301,626,000	300,292,000		311,920,000	306,296,000	299,485,000	277,752,000	279,766,000	272,261,000	266,693,000	248,932,000	254,460,000	250,417,000	243,574,000	228,703,000	223,613,000	224,081,000	219,291,000
commitments and contingencies
total capitalization and liabilities	2,610,534,000	2,545,453,000	2,500,209,000	2,420,624,000	2,348,320,000	2,292,896,000	2,246,122,000	2,205,229,000	2,139,635,000	2,060,372,000	2,034,374,000	1,982,575,000	1,949,646,000	1,913,932,000	1,900,983,000	1,874,800,000	1,842,358,000	1,792,821,000	1,791,603,000	1,726,418,000	1,697,968,000	1,660,889,000	1,641,331,000	1,604,381,000	1,567,283,000	1,526,097,000	1,501,433,000	1,465,042,000	1,441,122,000	1,423,664,000	1,416,734,000	1,486,486,000	1,462,653,000	1,480,268,000	1,470,493,000	1,440,386,000	1,406,299,000	1,368,891,000	1,348,600,000	1,362,164,000	1,343,355,000	1,367,420,000	1,378,298,000	1,326,115,000	1,327,092,000	1,333,771,000	1,310,183,000	1,351,053,000	1,312,986,000	1,289,514,000	1,280,943,000	1,289,638,000	1,252,760,000	1,246,629,000	1,238,362,000	1,195,848,000	1,197,879,000	1,204,548,000	1,192,035,000	1,191,429,000	1,159,630,000	1,132,854,000	1,113,293,000	1,116,703,000	1,101,079,000	1,095,272,000	1,061,287,000	1,020,183,000	1,002,541,000	975,385,000	963,898,000		955,841,000	949,779,000	936,955,000	908,708,000	899,057,000	887,970,000	876,777,000	844,357,000	829,800,000	816,252,000	810,277,000	786,881,000	761,426,000	746,965,000	757,475,000				697,758,000
other accounts receivable		3,768,000		3,104,000	4,333,000	4,492,000		6,755,000	4,636,000	3,391,000		3,369,000	3,972,000	3,043,000		4,895,000	4,961,000	2,574,000		3,433,000	2,957,000	3,032,000		2,628,000	3,065,000	2,001,000		2,411,000	4,648,000	3,849,000		4,945,000	2,665,000	1,903,000		2,347,000	2,587,000	1,448,000		7,385,000	3,566,000	3,307,000		3,313,000	4,235,000	2,670,000		7,576,000	7,275,000	5,467,000		7,920,000	7,640,000	10,008,000		11,228,000	9,565,000	9,036,000	3,777,000	6,087,000	8,162,000	7,704,000	5,717,000	4,137,000	4,290,000	5,000,000	8,167,000	2,943,000	3,566,000	3,166,000	9,723,000		5,379,000	6,164,000	11,756,000	9,923,000	10,344,000	10,151,000	10,844,000	3,614,000	3,092,000	1,998,000	3,384,000	2,042,000	2,367,000	1,404,000	10,649,000	1,732,000	4,810,000	2,006,000	5,676,000
outstanding: 38,508,589 shares in 2025 and 38,151,027 shares in 2024		382,480,000
assets
utility plant
regulated utility plant, at cost:
water			2,227,311,000				2,082,927,000				2,006,468,000				1,898,817,000				1,784,402,000				1,700,442,000				1,649,535,000				1,559,209,000				1,514,419,000				1,428,024,000				1,363,074,000				1,307,509,000				1,227,713,000				1,187,556,000				1,108,205,000				1,129,253,000				1,051,838,000	1,043,539,000	1,005,495,000	988,474,000	982,708,000		948,153,000	940,928,000	936,810,000	899,598,000	882,870,000	871,120,000	869,471,000	806,873,000	791,595,000	783,741,000	778,238,000	760,190,000	739,810,000	730,973,000	726,811,000	708,779,000	699,594,000	698,579,000	684,248,000	663,550,000	649,239,000
electric			171,127,000				156,471,000				133,815,000				116,472,000				112,507,000				108,425,000				106,064,000				99,726,000				94,009,000				88,481,000				81,636,000				79,360,000				77,653,000				73,825,000				68,814,000				67,248,000				66,513,000	65,566,000	65,453,000	65,288,000	65,078,000		64,609,000	64,424,000	64,103,000	62,197,000	61,928,000	61,494,000	61,386,000	58,670,000	58,549,000	58,664,000	58,667,000	44,466,000	43,799,000	43,445,000	42,711,000	41,519,000	41,443,000	40,998,000	39,136,000	38,525,000	38,525,000
non-regulated utility property, at cost			44,457,000				40,223,000				38,066,000				37,064,000				33,315,000				30,554,000				24,511,000				15,592,000				11,897,000				11,032,000				10,706,000				9,090,000				8,917,000				6,731,000
total utility plant, at cost			2,442,895,000				2,279,621,000				2,178,349,000				2,052,353,000				1,930,224,000				1,839,421,000				1,780,110,000				1,674,527,000				1,620,325,000				1,527,537,000				1,455,416,000				1,395,959,000				1,314,283,000				1,268,112,000				1,182,814,000
less — accumulated depreciation			-648,199,000				-624,472,000				-606,231,000				-594,264,000				-568,326,000				-543,263,000				-561,855,000				-533,370,000				-532,753,000				-529,698,000				-500,239,000				-471,665,000																																		-253,106,000	-247,778,000			-233,073,000	-228,114,000						-200,393,000	-195,580,000
construction work in progress			304,929,000				237,131,000				181,648,000				167,915,000				150,145,000				119,547,000				78,055,000				63,835,000				63,354,000				62,955,000				48,343,000				57,183,000				45,824,000				42,224,000				50,197,000				43,218,000				52,933,000	46,945,000	62,822,000	55,337,000	44,631,000		46,416,000	42,672,000	36,639,000	61,480,000	60,777,000	58,288,000	42,283,000	90,309,000	90,386,000	82,112,000	68,977,000	77,634,000	71,326,000	63,902,000	55,343,000	54,369,000	47,196,000	39,943,000	39,964,000	49,072,000	51,000,000
net utility plant			2,099,625,000				1,892,280,000				1,753,766,000				1,626,004,000				1,512,043,000				1,415,705,000				1,296,310,000				1,204,992,000				1,150,926,000				1,060,794,000				1,003,520,000				981,477,000				917,791,000				896,500,000				854,956,000				866,418,000	856,294,000	847,849,000	836,502,000	825,262,000	815,459,000	801,451,000	784,788,000	776,379,000		757,125,000	753,513,000	750,601,000	742,369,000	731,402,000	723,804,000	713,225,000	698,230,000	687,424,000	676,739,000	664,165,000	643,487,000		610,206,000	602,298,000
accounts receivable — customers, less allowance for doubtful accounts			37,699,000				34,250,000				26,206,000				34,416,000				29,162,000				20,907,000				23,395,000				26,127,000
receivable from u.s. government, less allowance for doubtful accounts			41,000,000				49,306,000				34,974,000				27,827,000				25,182,000				22,613,000				21,543,000				3,725,000				8,467,000				5,861,000				6,709,000				7,106,000				12,905,000				7,584,000				3,689,000				4,245,000				8,094,000				7,556,000
other accounts receivable, less allowance for doubtful accounts			6,415,000				6,340,000				4,215,000				6,510,000				3,960,000				3,096,000				3,103,000				8,251,000				3,151,000				2,302,000				4,843,000				4,914,000				7,062,000				12,181,000				7,808,000				8,424,000				6,341,000				4,154,000
unbilled revenue — receivable from u.s. government			3,423,000				4,886,000				6,456,000			8,867,000	9,671,000	7,700,000	8,340,000		9,945,000				8,621,000
receivable from u.s. government			35,486,000				42,183,000				50,482,000				51,991,000				49,488,000				42,206,000
capitalization and liabilities
common shareholders’ equity			920,051,000				776,109,000				709,549,000				685,947,000				641,673,000				601,530,000				558,223,000				529,945,000				494,297,000				465,945,000				506,801,000				492,404,000				454,579,000				408,666,000				377,541,000				359,430,000				310,503,000				302,129,000				283,734,000				264,094,000				251,465,000				212,487,000	217,404,000	212,970,000	213,315,000	208,095,000	203,206,000	200,551,000
contributions in aid of construction — net			160,306,000				151,414,000				147,918,000				147,482,000				140,332,000				134,706,000				124,385,000	123,686,000			123,602,000				120,518,000				117,810,000				116,629,000				114,916,000				106,450,000				100,037,000				95,460,000	94,214,000	93,265,000		104,344,000	103,512,000	102,912,000		101,593,000				98,657,000				91,702,000						76,223,000	74,047,000			66,928,000	64,555,000
accrued pension and other post-retirement benefits			33,816,000				32,652,000				33,636,000				61,365,000				95,639,000				68,469,000				57,636,000				57,695,000				49,856,000				42,666,000				61,773,000				38,726,000				71,618,000				68,353,000				42,152,000				40,158,000
goodwill				1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	1,116,000	4,437,000	4,437,000	4,610,000	4,610,000	4,610,000	4,610,000	12,393,000	12,393,000	12,431,000	11,354,000		11,593,000	11,606,000	11,614,000	11,778,000	11,799,000	11,820,000	11,841,000	11,862,000	11,883,000	11,903,000	11,925,000	12,276,000	12,276,000
total other property and investments				49,219,000	47,039,000	46,012,000	44,048,000	38,883,000	41,005,000	39,524,000	38,023,000	35,229,000	36,643,000	40,134,000	41,922,000	38,403,000	38,530,000	36,927,000	36,434,000	32,442,000	31,355,000	28,860,000	31,409,000	28,695,000	28,428,000	27,748,000	26,472,000	27,502,000	25,189,000	24,860,000	25,186,000	24,462,000	22,529,000	22,277,000	21,952,000	21,772,000	20,052,000	19,803,000	19,826,000	19,417,000	19,844,000	18,621,000	18,652,000	18,625,000	17,234,000	16,944,000	16,922,000	16,459,000	15,121,000	14,951,000	14,871,000	14,752,000	14,587,000	13,084,000	12,919,000	13,010,000	11,984,000	12,117,000	12,097,000	12,036,000	11,661,000	16,160,000	16,157,000	16,136,000	16,094,000	15,210,000	15,299,000	23,113,000	23,206,000	23,309,000	21,599,000		21,596,000	21,592,000	21,591,000	21,475,000	21,494,000	21,558,000	21,581,000	21,627,000	21,697,000		21,717,000	22,121,000	22,171,000
outstanding: 37,796,873 shares in 2024 and 36,980,612 shares in 2023				325,278,000
outstanding: 37,457,199 shares in 2024 and 36,980,612 shares in 2023					297,576,000
outstanding: 37,228,883 shares in 2024 and 36,980,612 shares in 2023						280,377,000
contributions in aid of construction - net						152,026,000		149,586,000	148,660,000	148,456,000		146,711,000	146,578,000	146,186,000		147,510,000	144,979,000	141,366,000		139,754,000	137,591,000	137,661,000		129,343,000	128,898,000	125,530,000			123,950,000	123,715,000		123,569,000	123,607,000	120,173,000		117,081,000	117,054,000	117,386,000			116,156,000	116,190,000		115,329,000	115,660,000	115,166,000		113,836,000	113,187,000	109,923,000		102,719,000	100,240,000	99,763,000		99,345,000	97,976,000	95,467,000				104,303,000				100,706,000				99,057,000			98,302,000	92,153,000			86,153,000	84,701,000		77,207,000				68,404,000				49,744,000	48,786,000	48,532,000
outstanding: 36,980,592 shares in 2023 and 36,962,241 shares in 2022								262,884,000
earnings reinvested in the business								508,453,000	492,836,000			445,493,000	434,569,000	428,141,000		420,671,000	406,033,000	391,865,000		377,198,000	363,065,000	348,742,000		340,539,000	323,818,000	307,203,000		300,910,000	288,118,000	281,185,000		276,344,000	264,739,000	250,855,000		244,735,000	231,336,000	222,833,000		225,696,000	230,544,000	246,022,000		256,355,000	240,571,000	241,582,000		234,536,000	213,758,000	211,847,000		201,822,000	189,941,000	180,173,000		173,923,000	163,581,000	152,873,000		145,937,000	144,140,000	140,013,000		137,794,000	132,737,000	125,587,000		126,481,000	126,259,000	121,307,000			114,996,000	111,716,000		107,311,000	105,613,000	103,239,000		99,866,000	91,408,000	89,447,000		90,554,000	85,912,000	82,572,000
outstanding: 36,976,599 shares in 2023 and 36,962,241 shares in 2022									262,230,000
materials and supplies, at weighted-average cost										16,282,000		13,444,000	13,151,000	11,943,000		10,240,000	8,773,000	8,751,000		8,699,000	8,168,000	7,343,000		6,090,000
outstanding: 36,976,284 shares in 2023 and 36,962,241 shares in 2022										261,792,000
unbilled revenue — receivable											20,663,000				27,147,000				25,836,000				20,482,000				23,588,000
unrealized gains on purchased power contracts												7,569,000	8,114,000	7,020,000		7,875,000	2,810,000	1,224,000
outstanding: 36,960,897 shares in 2022 and 36,936,285 shares in 2021												260,011,000
notes payable to bank												238,500,000	223,500,000	32,000,000		28,000,000	188,000,000	129,000,000		92,000,000	200,000,000	200,000,000		194,500,000	185,500,000	151,500,000				69,000,000		46,000,000	44,000,000			77,000,000	63,500,000									24,000,000
outstanding: 36,956,027 shares in 2022 and 36,936,285 shares in 2021													259,656,000
outstanding: 36,955,633 shares in 2022 and 36,936,285 shares in 2021														259,284,000
unrealized gain on purchase power contracts															4,441,000
unrealized loss on purchased power contracts																			1,537,000	2,518,000	3,827,000	4,280,000	3,171,000	3,022,000	267,000	336,000	311,000		1,710,000	2,625,000	2,941,000	3,837,000	4,493,000	5,460,000	4,901,000	5,581,000	4,933,000	7,245,000	7,053,000	7,246,000	5,662,000	6,176,000	3,339,000					588,000	1,147,000	1,540,000	3,060,000	2,719,000	5,176,000	7,506,000	7,611,000	7,576,000	7,475,000	6,874,000	6,850,000	11,361,000	9,552,000	10,038,000	7,338,000	7,026,000	8,547,000	8,428,000		788,000			1,554,000		1,180,000	944,000	3,654,000	2,468,000
outstanding: 36,936,252 shares in 2021 and 36,889,103 shares in 2020																258,264,000
unrealized losses on purchased power contracts
outstanding: 36,931,771 shares in 2021 and 36,889,103 shares in 2020																	258,101,000
unbilled revenue- receivable from u.s. government																		9,305,000		10,423,000	7,660,000	8,138,000
outstanding: 36,913,017 shares in 2021 and 36,889,103 shares in 2020																		257,528,000
outstanding: 36,889,061 shares in 2020 and 36,846,614 shares in 2019																				256,622,000
outstanding: 36,883,874 shares in 2020 and 36,846,614 shares in 2019																					256,223,000
outstanding: 36,883,771 shares in 2020 and 36,846,614 shares in 2019																						255,841,000
outstanding: 36,839,301 shares in 2019 and 36,757,842 shares in 2018																								255,408,000
materials and supplies, at average cost																									6,189,000	5,892,000		5,622,000	5,364,000	4,601,000		5,377,000	5,148,000	4,817,000		4,733,000	5,294,000	5,180,000		5,874,000	4,152,000	3,904,000		3,923,000	3,671,000	4,319,000		5,186,000	6,120,000	7,210,000		6,578,000	4,958,000	4,797,000		2,817,000	2,487,000	2,442,000		2,104,000	2,240,000	2,090,000		1,912,000	1,772,000	1,857,000		1,817,000	1,683,000	1,638,000			1,649,000	1,667,000		1,545,000	1,550,000	1,409,000		1,435,000	1,436,000	1,451,000		1,485,000	1,453,000	1,438,000	1,346,000	1,525,000	1,443,000	1,007,000	1,098,000	1,052,000	1,060,000
total regulatory and other assets																									61,167,000	56,071,000		39,727,000	35,977,000	34,298,000	31,093,000	133,745,000	135,385,000	128,753,000	130,740,000	153,170,000	146,294,000	138,645,000	135,283,000	175,165,000	157,776,000	151,839,000	146,675,000	125,492,000	123,340,000	119,656,000	120,167,000	163,570,000	170,005,000	171,153,000	164,248,000	175,769,000	162,310,000	163,838,000	163,342,000	131,558,000	130,729,000	120,263,000	119,998,000	130,625,000	129,710,000	136,063,000	134,703,000	144,609,000	139,720,000	136,299,000	130,112,000	105,219,000	107,900,000	107,448,000	102,905,000		106,910,000	102,962,000	100,327,000	78,643,000	77,433,000	74,827,000	73,105,000	68,045,000	70,936,000	70,874,000	71,371,000	73,764,000	73,323,000	75,143,000	74,698,000
outstanding: 36,831,696 shares in 2019 and 36,757,842 shares in 2018																									254,969,000
outstanding: 36,795,218 shares in 2019 and 36,757,842 shares in 2018																										254,297,000
costs and estimated earnings in excess of billings on contracts																															41,387,000	34,636,000	32,856,000	42,170,000	41,245,000	37,406,000	35,240,000		32,169,000	22,345,000	28,422,000
regulatory and other assets
outstanding: 36,745,039 shares in 2018 and 36,680,794 shares in 2017																												253,251,000
unrealized loss on derivative contracts																												1,143,000
outstanding: 36,733,506 shares in 2018 and 36,680,794 shares in 2017																													251,092,000
outstanding: 36,733,416 shares in 2018 and 36,680,794 shares in 2017																														250,339,000
unbilled revenue																															26,411,000				24,391,000				19,490,000				21,422,000		20,151,000	16,038,000	18,552,000	21,083,000	20,131,000	14,522,000	16,147,000	21,826,000	25,955,000	16,969,000	16,188,000	22,192,000	23,832,000	21,874,000	20,348,000	23,582,000	26,122,000	18,804,000	18,199,000	23,807,000	24,904,000	17,971,000	17,958,000	19,777,000	21,681,000	17,180,000	16,035,000		20,318,000	16,054,000	15,696,000	18,762,000	18,925,000	15,722,000	15,195,000	17,400,000	17,633,000	12,860,000	13,743,000	16,475,000	14,773,000	11,088,000	12,714,000	15,459,000	13,166,000	11,066,000	15,223,000	13,984,000	11,345,000
billings in excess of costs and estimated earnings on contracts																															3,911,000	2,466,000	414,000	743,000	2,263,000	5,541,000	5,910,000		3,764,000	7,504,000	9,453,000
outstanding: 36,679,175 shares in 2017 and 36,571,360 shares in 2016																																249,468,000
outstanding: 36,644,758 shares in 2017 and 36,571,360 shares in 2016																																	248,286,000
assets held for sale																																		26,838,000
liabilities directly associated with assets held for sale																																		938,000
accounts receivable-customers, less allowance for doubtful accounts																																			19,993,000				18,940,000				18,814,000				23,829,000				19,491,000				20,399,000				17,507,000				16,611,000				14,315,000				16,095,000
costs and estimated earnings in excess of billings on uncompleted contracts																																						30,969,000				25,706,000	34,535,000	37,755,000	33,678,000	46,623,000	45,508,000	41,068,000	52,843,000	42,154,000	37,703,000	32,787,000	23,855,000	36,015,000	34,466,000	28,711,000	30,134,000	33,086,000	36,924,000	34,646,000	29,042,000	26,965,000	19,766,000	17,275,000	14,336,000	15,600,000	11,836,000	5,599,000	5,185,000	3,240,000	3,842,000		5,865,000	4,489,000	4,495,000	2,231,000	3,767,000	3,883,000
billings in excess of costs and estimated earnings on uncompleted contracts																																						5,540,000				11,350,000	11,736,000	15,699,000	14,553,000	6,496,000	6,852,000	7,815,000	2,299,000	2,702,000	12,572,000	19,346,000	25,887,000	28,557,000	26,973,000	26,612,000	19,033,000	23,052,000	16,808,000	14,212,000	9,722,000	5,896,000	6,315,000	5,479,000	4,420,000	5,271,000	2,094,000	5,280,000	4,405,000	3,234,000	2,641,000		1,739,000	1,790,000	2,038,000	1,910,000	3,090,000	2,649,000
deferred income taxes — current																																								8,988,000	7,601,000	6,827,000	7,435,000	10,558,000	10,800,000	9,538,000	9,553,000	10,157,000	9,902,000	8,731,000	8,617,000	10,292,000	9,935,000	9,840,000	9,540,000	9,550,000	9,312,000	8,948,000	8,816,000	5,680,000	5,311,000	4,985,000	5,354,000	3,607,000	2,571,000		2,131,000				4,047,000				5,093,000						1,736,000	1,692,000			431,000	1,486,000
contributions in aid of construction																																								116,207,000																																																			46,510,000	44,946,000	44,000,000
dividends payable																																													8,260,000				7,811,000
non utility property, at cost																																																9,189,000	9,121,000	9,329,000		8,687,000	8,466,000	8,235,000		7,389,000	6,484,000	6,382,000	5,795,000	5,601,000	5,184,000	4,676,000
assets of discontinued operations																																																										51,641,000	50,883,000	50,782,000	49,499,000
liabilities of discontinued operations																																																										27,360,000	27,031,000	27,612,000	27,217,000
utility plant, at cost																																																																1,223,922,000	1,208,720,000	1,190,128,000
regulatory liabilities — current																																																															113,000								173,000				3,546,000						3,697,000	3,701,000	3,441,000
income tax receivables and prepaids																																																												16,019,000
common shares, no par value, no stated value																																																												226,169,000	225,394,000	223,953,000		221,953,000	221,242,000	186,270,000		184,520,000	182,922,000	182,202,000			177,442,000	175,603,000		174,330,000	172,358,000	167,388,000		166,206,000	165,922,000	165,596,000		163,749,000	129,681,000	128,308,000
regulatory liabilities - current																																																																						231,000			3,919,000	3,682,000			5,189,000	5,400,000		4,904,000
accounts receivable – customers																																																																		13,633,000
regulatory assets – current																																																																		17,949,000		11,023,000	7,723,000							3,233,000			6,104,000				7,104,000				5,331,000
deferred income taxes – current																																																																		1,967,000		2,212,000	675,000							4,709,000			1,692,000				2,725,000
long-term debt – current																																																																		640,000		618,000	523,000							575,000			635,000				880,000				820,000
accounts receivable-customers																																																																				19,345,000	17,552,000	14,514,000			15,714,000	12,555,000	14,816,000	17,802,000	13,207,000	10,024,000	13,341,000	15,209,000	11,950,000	9,197,000	10,970,000	14,506,000	11,980,000	8,665,000	11,758,000	13,193,000	10,499,000	10,387,000
regulatory liabilities – current																																																																												4,120,000			5,592,000
unrealized gain on purchased power contracts																																																																					2,953,000	1,289,000							339,000	1,262,000	3,417,000
regulatory assets - current																																																																						4,553,000			4,271,000	4,486,000			6,188,000	5,782,000		4,569,000				4,278,000
deferred income taxes - current																																																																						2,925,000			3,982,000	3,516,000			2,785,000	2,644,000		1,490,000				344,000
long-term debt - current																																																																						601,000			596,000	593,000			571,000	635,000		658,000				820,000				13,305,000	13,305,000	13,305,000
accumulated other comprehensive loss																																																																																	-3,259,000	-3,259,000
less – accumulated depreciation																																																																																			-241,717,000				-222,567,000
prepayments																																																																																			3,466,000	1,777,000	1,966,000	2,677,000	3,786,000
taxes payable																																																																																				9,208,000	7,457,000	1,950,000	2,784,000	2,074,000	566,000	962,000	7,074,000	5,461,000	4,339,000
taxes receivable
supply cost balancing accounts - current																																																																																								4,190,000	4,313,000	3,171,000	5,486,000
prepayments and other																																																																																								2,455,000	2,029,000	2,677,000	2,035,000	2,036,000	2,128,000
deferred charges and other long-term assets
regulatory tax-related assets																																																																																								13,916,000	13,259,000	13,028,000	14,510,000	15,033,000	15,330,000
supply cost balancing accounts																																																																																								21,257,000	21,698,000	24,589,000	25,347,000	31,857,000	28,152,000
accumulated deferred income taxes - net																																																																																								60,382,000	56,707,000	56,375,000
regulatory tax-related liability																																																																																								1,987,000	1,998,000	2,005,000	1,739,000	1,750,000	1,761,000
accounts receivable-customers, less reserves of 1,035 in 2002; 972 in 2001																																																																																											14,106,000
other deferred charges																																																																																											20,211,000	18,684,000	17,280,000
preferred shares																																																																																													1,600,000
preferred shares subject to mandatory redemption requirements																																																																																													280,000
long-term debt and preferred shares due within one year																																																																																											760,000	760,000	800,000
reserves for potential disallowance of power costs																																																																																											6,388,000
other accrued liabilities																																																																																											13,452,000	22,300,000	21,600,000
accumulated deferred income taxes-net																																																																																											57,418,000
accounts receivable -
accumulated deferred income taxes — net
deferred charges

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